뗚28뻭ꆡ뗚3웚커ꆡ몺ꆡ샭ꆡ릤ꆡ듳ꆡ톧ꆡ톧ꆡ놨ꆡ쓪3퓂JOURNALOFWUHANUNIVERSITYOFTECHNOLOGYꆡ쇣ힼ놸뷰훆뛈쿂짌튵틸탐뒢놸맜샭탐캪뗳뷚컄,뫺몣언(짏몣붻춨듳톧낲첩맜샭톧풺,짏몣200030)햪ꆡ튪:ꆡ춨맽붨솢짌튵틸탐뒢놸맜샭뗄튻냣뻹뫢쒣탍,뛔폐ힼ놸뷰훆뛈뫍쇣램뚨ힼ놸뷰훆뛈쿂뗄짌튵틸탐뗄뒢놸맜샭탐캪뷸탐쇋뛔뇈퇐뺿ꆣ뷡맻뇭쏷,폫폐램뚨ힼ놸뷰훆뛈쿠뇈,퓚쇣ힼ놸뷰훆뛈뫍샻싊ퟟ새뗷뿘쒣쪽쿂,짌튵틸탐뗄뒢놸맜샭뻶닟뇤뗃쿠뛔볲떥,웤뒢놸탨쟳튲룼캪컈뚨뫍뻟폐뿉닢탔,틲듋뇜쏢쇋쫐뎡닰뷨샻싊뗄맽뛈늨뚯,늢룸훐퇫틸탐뗄믵뇒헾닟닙ퟷ쳡릩쇋룼듳뗄쪵쪩뿕볤ꆣ맘볼듊:ꆡ쇣ힼ놸뷰훆뛈;ꆡ짌튵틸탐;ꆡ뒢놸맜샭;ꆡ샻싊ퟟ새훐춼럖샠뫅:ꆡ컄쿗뇪횾싫:ꆡA컄헂뇠뫅:167124431(2006)0320131203BehaviorofBankReserveManagementUnderZeroReserveRequirementSystemDIAOJie2wen,HUHai2ou(AntaiSchoolofManagement,ShanghaiJiaoTongUniversity,Shanghai200030,China)Abstract:ꆡInthispaper,,itwasshowedthatthereweresomedifferencesinzeroreserverequirementandinterestratecorridor,indetails,whichwassimplerandmoreefficientforbanktomakedecisionofreservemanagementandmorehelpfultoavoidthevolatilityofovernightrate,moreover,:ꆡzeroreserverequirements;ꆡcommercialbank;ꆡreservemanagement;ꆡinterestratecorridor20쫀볍90쓪듺틔살,볓쓃듳ꆢ냄듳샻퇇뫍탂컷삼뗈탭뛠컷랽맺볒뗄훐퇫틸탐뚼쿈뫳쪵탐쇋쇣ힼ놸뷰훆뛈ꆣ뷼웚퇐뺿죋풱춨맽붨솢쒣탍퇐뺿쇋샻싊ퟟ새뗷뿘믺훆쿂짌튵틸탐뗄뒢놸탨쟳탐캪뛔믵뇒쫐뎡샻싊뻹뫢뗄펰쿬\[1ꆫ5\],뷒쪾쇋믵뇒헾닟뿲볜짨뚨폫쫐뎡샻싊늨뚯횮볤뗄맘쾵\[6ꆫ8\]ꆣ떫쫇,헢킩틑폐컄쿗듳뚼틔쒳룶쳘뚨뗄맺볒ퟷ캪퇐뺿뛔쿳,늢쟒뚼훘뗣뾼달쇋짌튵틸탐뗄붻틗탐캪뛔쫐뎡샻싊뗄펰쿬,뛸뫜짙뾼싇떽쇣ힼ놸뷰훆뛈뛔짌튵틸탐뒢놸맜샭탐캪뗄펰쿬,늢쟒튲쎻폐뛔늻춬ힼ놸뷰훆뛈쿂짌튵틸탐뗄뒢놸맜샭탐캪뇤뮯뷸탐쾵춳퇐뺿ꆣ본폚듋,ퟷ헟붫뎢쫔뛔늻춬ힼ놸뷰훆뛈뛔짌튵틸탐죕뎣쇷뚯탔맜샭탐캪뗄쪵볊펰쿬뷸탐퇐뺿ꆣ1ꆡ뒫춳ힼ놸뷰훆뛈쿂뗄짌튵틸탐뒢놸맜샭탐캪퓚폐램뚨ힼ놸뷰튪쟳뗄쟩뿶쿂,짌튵틸탐뇘탫퓚훐퇫틸탐뗄헋뮧짏돖폐튻뚨쫽솿뗄램뚨ힼ놸뷰듦뿮,캪랽뇣럖컶,볙뚨램뚨ힼ놸뷰쎻폐샻쾢쫕틦,ힼ놸뷰놣돖웚(ReserveMaintenancePeriod,RMP)캪1룶퓂,쫽뛮내떱퓂듦뿮쫽솿욽뻹볆쳡ꆣ퓚ힼ놸뷰놣돖웚쓚,짌튵틸탐뿉틔퓚춬튵쫐뎡짏쿲웤쯻짌튵틸탐뷸탐뷰닰죫,튲뿉틔듓훐퇫틸탐뒦믱뗃듻뿮,헢샯뗄듻뿮샻싊튪룟폚쫐뎡닰뷨샻싊;죧맻짌튵틸탐늻쿫돖폐맽뛠뗄뒢놸,쫕룥죕웚:2005210209.믹뷰쿮쒿:짏몣쫐훘뗣톧뿆붨짨쿮쒿(P1601(2005)).ퟷ헟볲뷩:뗳뷚컄(19742),쓐,늩쪿짺,붲쪦.E2mail:diaojiewen@
ꆡ1ꆡ32ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ커ꆡ몺ꆡ샭ꆡ릤ꆡ듳ꆡ톧ꆡ톧ꆡ놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2006쓪3퓂퓲뿉틔퓚쫐뎡짏닰돶뷰,튲뿉틔톡퓱듦죫훐퇫틸탐헋뮧,헢늿럖뎬뛮뒢놸믡믱뗃샻쾢쫕죫,듋뒦뗄듦뿮샻싊튻냣쟩뿶쿂튪뗍폚쫐뎡닰뷨샻싊쮮욽,짌튵틸탐쎿쳬뒢놸맜샭뗄쪱볤탲쇐맽돌볻춼1ꆣꆡ믹놾볙뚨볙뚨쯹폐짌튵틸탐뚼쫴폚럧쿕훐탔,쎿룶짌튵틸탐퓚붻틗죕뷡쫸쪱뒢놸헋뮧뚼늻쓜캪뢺,늢쟒웤ힼ놸뷰돖폐웚쓚뗄뒢놸솿뇘탫싺ퟣ훐퇫틸탐램뚨ힼ놸뷰튪쟳;짌튵틸탐뗄램뚨ힼ놸뷰놣돖쪱볤캪T,늢쟒,퓚ힼ놸뷰놣돖웚뗄쎿쳬,짌튵틸탐뚼뿉쓜쏦쇙쇷뚯탔돥믷,웤훐,짌튵틸탐짐캴붻틗쪱(벴붻틗잰)쯹랢짺뗄쇷뚯탔돥믷캪ꛅjt,웤럖늼몯쫽캪Fꛅ(ꛌꛅj,ꛒꛅj);붻틗뷡쫸뫳뗄쇷뚯탔돥믷캪ꛋjt,웤럖늼몯쫽캪Fꛋ(ꛌꛋj,ꛒꛋj);짌튵틸탐뗄램뚨ힼ놸뷰늻쓜믱뗃샻쾢쫕죫,뛸횻폐뎬뛮ힼ놸뷰닅쓜틔샻싊di(듋샻싊평훐퇫틸탐뻶뚨)믱뗃샻쾢쫕죫;늢쟒퓚짌튵틸탐뗄ힼ놸뷰놣돖웚쓚,훐퇫틸탐뗄헾닟샻싊3iꆢ듻뿮샻싊li벰ힼ놸뷰듦뿮샻싊di놣돖늻뇤ꆣꆡ쒣탍붨솢벰럖컶헢샯폃ja(tj=1,2,ꆭ,n)뇭쪾쒳룶틸탐퓚뗚t(t=1,2,ꆭ,T)d뗄뒢놸헋뮧ힴ뿶,폃R살뇭쪾짌튵틸탐퓚뒢놸놣돖웚쓚쎿쳬욽뻹튪돖폐뗄ힼ놸뷰솿,뛸짌튵틸탐퓚뗚td뾪쪼샛볆탨튪뗄램뚨ힼ놸뷰쫽뛮폃jdt살뇭쪾,헢퇹튻살,짌튵틸탐j퓚뗚td뗄뒢놸헋뮧ힴ뿶뿉뇭쪾캪jjjst=(dt,a)t;퓚붻틗죕뾪쪼뫳,죧맻짌뚨틸탐뻶뚨돖폐뒢놸mjt,퓚쫐뎡짏닰돶(닰죫)뒢놸bjt,퓲폐mjt+bjt=ajt,mjtꇝ0;퓚붻틗죕뷡쫸쪱,짌튵틸탐뾼싇쇷뚯탔돥믷뫳뗄뒢놸헋뮧뿉뇭쪾캪jrt=mjt+ꛋjt,퓲퓚뗚2d(벴t+1d),떱붻틗죕뾪쪼뫳,짌튵틸탐뾼싇쇷뚯탔돥믷뗄뒢놸헋뮧캪ajt+1=ajt+ꛋjt+ꛅjt+1,캪볲뇣웰볻,볙뚨짌튵틸탐뎬뛮ힼ놸뷰쯹믱뗃뗄샻쾢뿉뫶싔늻볆,퓲짌튵틸탐뗚t+1d뗄ힼ놸뷰늻ퟣ쫽뛮뿉캪jjdt+1=max{0j,dt-max[0,rt\]};퓚룸뚨쇋짏쏦뗄쳵볾횮뫳,짌튵틸탐뻍믡톡퓱살듻돶믲뷨죫뷰,틔쪵쿖샻죳ퟮ듳뮯,죴쫐뎡붻틗샻싊뇭쪾캪it,퓲짌튵틸탐뗄쫕틦뿉뇭쪾캪ꛐjt=jjitbjt-ct,웤훐,ct뇭쪾짌튵틸탐샻폃훐퇫틸탐뗄듦듻뿮릤뻟쪱뗄돉놾[9]ꆣ퓚ힼ놸뷰놣돖웚뗄ퟮ뫳1d(벴뗚Td),짌튵틸탐뗄돉놾쫕틦뿉폃쿂쪽뇭쪾ꛐjT=idiliiTbT-i(dT-mjT-ꛋjT)I[miT+ꛋjT>idT]-i(dT-mjT-ꛋjT)I[mjT+ꛋjTꇜjdT](1)ꆡꆡ퓚ힼ놸뷰놣돖웚쓚뗄웤쯻쪱볤(죎틢뗄t<Td샯),짌튵틸탐뗄돉놾쫕틦뿉뇭쪾캪ꛐjt=itbit+di(mjt+ꛋjt-di)tI[mit+ꛋjt>dit]+li(mjt+ꛋj)tI[mjt+ꛋjtꇜ0](2)볙뚨f캪쇷뚯탔돥믷뗄룅싊쏜뛈몯쫽,퓲짌튵틸탐퓚ힼ놸뷰놣돖웚뗚Td뗄웚췻샻죳캪ET[ꛐjlT]=iTbjT-i(djT+bjT-ajT)Fꛋ(djT+bjT-ajdT)-i(djT+bjT-ajT)[1-Fꛋ(djT+bjT-ajT)]+liꇒjjjd+b-aTTTꛋf(ꛋ)dꛋ+diꇒ+ꇞꛋf(ꛋ)dꛋ(3)jjj-ꇞd+b-aTTT쟳쪽(3)뗄튻뷗쳵볾,뿉뗃짌튵틸탐뗄샻죳ퟮ듳뮯뗄웚췻횵캪jjjiT=liFꛋj(dT+bT-aT)+di[1-Fꛋjj(dT+jbT-aT)](4)뿉틔뾴돶,짌튵틸탐j퓚춬튵쫐뎡짏뗄쇷뚯탔릩룸쫇웤뒢놸돖폐ힴ뿶jj(aT,dT)ꆢ쫐뎡샻싊jiTꆢ훐퇫틸탐뗄듻뿮샻싊li뫍듦뿮샻싊di뗄몯쫽,웤뇭듯쪽뿉평쪽(4)뮯뛸살,벴jdjjj-1iT-ibT=aT-dT+F5)ld(i-iꆡꆡ뿉틔뾴돶,퓚폐램뚨ힼ놸뷰튪쟳뗄쟩뿶쿂,짌튵틸탐쎿죕뗄뒢놸맜샭뻶닟탨튪맋벰2랽쏦뗄쓚죝,벴떱죕탨쟳놣돖뗄ힼ놸뷰틔벰뷡쯣탨튪뗄쇷뚯탔뷰ꆣ퓚ힷ쟳샻죳ퟮ듳뮯뗄뚯믺쟽쪹쿂,짌튵틸탐룹뻝뛔캴살1d쫐뎡짏붻틗샻싊뗄풤웚살뻶뚨웤뒢놸돖폐쮮욽,틔놣횤웤뒢놸맜샭탐캪쓜릻쪵쿖쫕틦ퟮ듳뮯믲돉놾ퟮ킡뮯,죧듋폫쫐뎡늩?뗄뷡맻,퓚뫜듳돌뛈짏퓬돉쇋쫐뎡샻싊뗄늨뚯;늻뷶폚듋,떥룶짌튵틸탐샭탔뗄뒢놸맜샭탐캪,쯤좻쪹뗃웤퓚듳늿럖쪱볤쓚뚼뿉틔쪵쿖샻죳ퟮ듳뮯,떫퓚ힼ놸뷰놣돖웚뗄ퟮ뫳1d,캪싺ퟣ램뚨ힼ놸튪쟳뛸듳솿퓶볓뗄쇷뚯탔탨쟳,췹췹쪹뗃쫐뎡샻싊돶쿖훜웚탔뗄듳럹늨뚯ꆣ2ꆡ쇣ힼ놸뷰훆뛈쿂뗄짌튵틸탐뒢놸맜샭탐캪폫폐램뚨ힼ놸뷰훆뛈쿂뗄짌튵틸탐뒢놸맜샭쿠뇈,퓚쇣ힼ놸뷰훆뛈쿂,짌튵틸탐뗄뒢놸릩쟳뻶닟붫뇤뗃
뗚28뻭ꆡ뗚3웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡ뗳뷚컄,뗈:쇣ힼ놸뷰훆뛈쿂짌튵틸탐뒢놸맜샭탐캪ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ133룼캪볲떥,뛸쟒,훐퇫틸탐뗄뒢놸쫐뎡맜샭튲붫뇤뗃룼캪볲떥ꆣ쫗쿈볙뚨춬튵닰뷨쫐뎡쫴폚췪좫뺺헹쫐뎡,듺뇭탔짌튵틸탐늻뻟놸쫐뎡솦늢쟒럧쿕훐탔;퓚샻싊ퟟ새짨뚨쿂,떱쫐뎡샻싊캪3i+s쪱,짌튵틸탐뿉틔쿲훐퇫틸탐ퟔ평뷨듻,듋쪱쫐뎡닰죫폫퇫탐듻뿮뿉췪좫쳦듺;떱쫐뎡샻싊캪3i-s쪱,짌튵틸탐뿉틔ퟔ평톡퓱듦죫퇫탐헋뮧,듋쪱쫐뎡닰돶폫퇫탐듦뿮튲뿉틔췪좫쳦듺;짌튵틸탐붻틗쟥쯣쒿뇪캪T,떫평폚쫐뎡탅쾢뗄훍뫳,쪵볊쟥쯣폠뛮믡돶쿖룅싊럖늼몯쫽캪F(ꛅ)뗄쯦믺컳닮쿮ꛅ,벴짌튵틸탐뗄쪵볊쟥쯣폠뛮캪T+ꛅ,늢쟒폐E(ꛅ)=0;퓚짏쏦뗄볙뚨횮쿂,튻룶듺뇭탔짌튵틸탐뗄돉놾ퟮ킡뮯컊쳢뿉폃쿂쪽살뇭쪾C3min=(i-i+s)ꇒ+ꇞ(T+ꛅ)dF(ꛅ3)-(i+s-i)ꇒ-T(-ꇞT+ꛅ)dF(ꛅ)(6)-T헻샭쪽(6)뿉뗃Cmin=3(i-i+s)T-2sTF(-T)-2sꇒ-Tꛅ-ꇞdF(ꛅ)뛔T쟳욫떼,뿉뗃튻뷗쳵볾캪F(-T3)=1/2+3(i-i)/2s(7)쪽훐,T3캪짌튵틸탐뗄ퟮ폅쟥쯣폠뛮ꆣ캪볲떥웰볻,볙뚨F(ꆤ)럻뫏룟쮹럖늼,듓쪽(7)뿉틔뾴돶,죧맻퓚쎿룶붻틗죕쒩,짌튵틸탐뗄쟥쯣폠뛮쓜놻뚤퓚쇣쮮욽짏(벴T3=0,F(-T3)=1/2),퓲쫐뎡닰뷨샻싊i붫뗈폚퇫탐뗄쒿뇪닰뷨샻싊3i;뛸쟒,횻튪3i캻폚훐퇫틸탐듦듻뿮샻싊뗄1/2뒦,퓲샻싊ퟟ새뗄쟸볤뫍훐퇫틸탐쒿뇪닰뷨샻싊뗄듳킡뚼늻믡펰쿬헢튻뷡맻[10]ꆣ퓚쪵볊닙ퟷ훐,짌튵틸탐뗄쟥쯣폠뛮횻폐퓚컞ힼ놸뷰튪쟳뗄쟩뿶쿂닅폐뿉쓜쪼훕뚤퓚쇣쮮욽짏,틲듋,퓚쎻폐램뚨ힼ놸뷰튪쟳뗄쟩뿶쿂,짌튵틸탐뗄뒢놸맜샭뻶닟뇤뗃쿠뛔볲떥,뛸쟒웤ힷ쟳샻죳ퟮ듳뮯뗄탐캪믡돉캪훐퇫틸탐쪵쿖샻싊뗷뿘쒿뇪뗄놣횤,듓뛸뇜쏢퓚폐램뚨ힼ놸뷰훆뛈쿂쫐뎡샻싊훜웚탔늨뚯뗄컊쳢ꆣ3ꆡ뷡ꆡ폯폐컞램뚨ힼ놸뷰훆뛈,뚼믡뛔짌튵틸탐뗄뒢놸맜샭탐캪닺짺쿠떱듳뗄펰쿬,쫗쿈,훐퇫틸탐뗄램뚨ힼ놸뷰튪쟳믡뛔짌튵틸탐뗄쳗샻탐캪닺짺헽쿲벤샸,늢틲듋떼훂쫐뎡닰뷨샻싊뗄늨뚯ꆣ웤듎,램뚨ힼ놸뷰튪쟳쪹뗃쫐뎡늻좷뚨탔퓶듳,평듋퓬돉짌튵틸탐뒢놸탨쟳뻶닟뗄삧쓑,뷸뛸떼훂쫐뎡샻싊뗄컞탲늨뚯ꆣ늻뷶죧듋,램뚨ힼ놸뷰튪쟳쪹뗃훐퇫틸탐뛔뒢놸쫐뎡뗄맜샭뇤뗃뢴퓓뮯ꆣ퓚쇣ힼ놸뷰훆뛈쿂,훐퇫틸탐횻탨튪맜샭짌튵틸탐뗄쟥쯣헋뮧,늢듙쪹웤놣돖욽뫢;쿠뛔폚듋,퓚폐ힼ놸뷰훆뛈쿂,짌튵틸탐퓚훐퇫틸탐뗄헋뮧돽쇋쟥쯣헋뮧췢,뮹폐듦뿮ힼ놸뷰헋뮧,뛸퓚ힼ놸뷰놣돖웚쓚,훐퇫틸탐횻쓜놻뚯뗘맀볆짌튵틸탐뿉쓜뗄뒢놸탨쟳,늢뻝듋뻶뚨쳡릩(믲컼쓉)쫐뎡쇷뚯탔,퓚헢훖쟩뿶쿂,훐퇫틸탐뫜쓑뺫좷풤닢뫍볆쯣뷰죚믺릹뛔쟥쯣폠뛮뗄탨쟳;쯹틔,뻍듋틢틥뛸퇔,램뚨ힼ놸뷰훆뛈뗄듦퓚컞틉믡쿷죵훐퇫틸탐뗷뿘쫐뎡뛌웚쏻틥샻싊뗄믵뇒헾닟쪵쪩킧맻ꆣ닎뾼컄쿗\[1\]ꆡ:ImplicationsforMonetaryPolicy\[J\].TheJou2rnalofFinance,1968,23(12):769ꆫ791.\[2\]ꆡ\[J\].JournalofPoliticalEconomy,1996,104(1):26ꆫ56.\[3\]ꆡTimoHenckel,AlainIze,\[J\].JournalofMonetayrEconomics,1999,(7):20ꆫ24.\[4\]ꆡGabrielPerezQuiros,\[EB/OL\].hptt://
